Friday, April 1, 2011

Rabobank receives banking license in India

Rabobank today announced that it has received approval from the Reserve Bank of India (RBI) to establish a banking presence in India through a maiden branch to be located in Mumbai.

The license will help Rabobank to substantially expand its current range of services in the Indian market. Rabobank's application for this license is part of the Bank's international strategy to expand its activities in major growth markets with a strong food and agriculture base, the Bank said in a statement here.

With the banking license, Rabobank will broaden its product suite in India. Rabobank in India will be able to accept deposits and use its balance sheet to provide working capital financing to clients. The licence will also permit the Bank to deal in foreign exchange, domestic fixed income products and trade finance, it said.

"India is a key country for Rabobank. We are now able to offer a broader range of products and services to our Dutch, Indian and international clients," Sipko Schat, member of the Executive Board of Rabobank Group said.
Currently, Rabobank is present in India through a wholly owned subsidiary Rabo India Finance (RIF), which is registered as a Non-Banking Finance Company (NBFC).


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